He stated that it matches the capability. He doesn't really state if it exceeds the capability.
Sure we can get into the range concerns but I would be hard pressed to believe that the newer electronic equipment only matches the Orion.
I think that they are very careful to admit or dismiss the capabilities of the aircraft relative to the P3 lest give away any information to the Chinese or others.
I think that not too much should be read into his guarded assessment.
Now is it worth $275M? I would think no, but I just wouldn't read much into the "matching capability" statement.
"Give us a kiss, big tits."